Oil company Providence Resources is to commence a major multi-year, 12-well drilling programme in Ireland next year.
The programme will be the "largest co-ordinated multi-basin drilling programme to be carried out offshore Ireland" according to the company.
The six exploration targets are Dalkey Island Oil Prospect, Rathlin Island Oil Prospect, Marlin Gas Prospect, Orpheus Gas Prospect, Pegasus Gas Prospect and Dunquin Gas Prospect.
In a full-year trading update issued this morning, the company said that it plans to carry out a "comprehensive drilling programme" over the next two years to test the hydrocarbon potential of some of Ireland's major offshore basins, consisting of both high impact exploration and appraisal/development wells.
Appraisal and development work will take place at Hook Head, the Barryoe discovery beneath the Seven Heads gas field, the Spanish Point Gas Condensate Discovery and Burren Oil Discovery.
Outside Ireland, the company said there will be further investment at the UK onshore Singleton field, as well as in the Gulf of Mexico. Providence predicts a doubling of production at Singleton within the next two years, while the cumulative investment in both sites should see production levels increase by nearly 50 per cent from current levels of 1,700 boepd (barrels of oil equivalent per day) to over 2,500 boepd by the end of 2011 the company.
"2011 and beyond is all about drilling and we are expecting significant activity in our three operational areas of the United Kingdom, the Gulf of Mexico and, most importantly, offshore Ireland where we have multiple drilling targets" chief executive Tony O' Reilly said in a statement. "This not only represents the largest drilling programme in our history but it will also be the largest co-ordinated multi-basin drilling programme carried out offshore Ireland."
